CAJ | 학술논문

随着人口老龄化日趋严重,税收递延企业年金已成为各界关注的焦点。以美国税收递延企业年金为研究对象,运用序数效用理论和消费者均衡,结合风险因子、工资、缴费期限等因素,分析其微观经济效应;进而根据美国的所得税率,测量各模式的收入积累效应,以及对工资、投资收益、缴费参数进行敏感性分析,对比度量各参数值对个人积累值的影响。结果显示：美国现行的免除企业和个人所得税的EET税延方式是最优的,参加税延型企业年金计划可增加个人积累;缴费年限对退休后积累值的敏感性最高,投资收益率、工资依次次之,缴费率不敏感。由此,结合我国情况建议采取EET模式,延长缴费年限,降低门槛和放宽投资,建立法律审查机制。
수착인구노령화일추엄중,세수체연기업년금이성위각계관주적초점。이미국세수체연기업년금위연구대상,운용서수효용이론화소비자균형,결합풍험인자、공자、격비기한등인소,분석기미관경제효응;진이근거미국적소득세솔,측량각모식적수입적루효응,이급대공자、투자수익、격비삼수진행민감성분석,대비도량각삼수치대개인적루치적영향。결과현시：미국현행적면제기업화개인소득세적EET세연방식시최우적,삼가세연형기업년금계화가증가개인적루;격비년한대퇴휴후적루치적민감성최고,투자수익솔、공자의차차지,격비솔불민감。유차,결합아국정황건의채취EET모식,연장격비년한,강저문함화방관투자,건입법률심사궤제。
With an aging population,the tax deferred annuity has become a focus.This paper chooses American tax deferred annuity as the research sample.By using ordinal utility and con-sumer equilibrium theory,its micro economic effects are analyzed for the first time,combined with risk factors,wages and contribution period,etc.Then,given the income tax conditions of the United States,this article evaluates the income effect of each annuity mode and the sensitivity of parameters such as wage,contribution,investment income,and compares the parameters＇ effects on the personal savings.The results show that ：（1）the American EET tax-deferred mode is the best one in exempting the corporate and personal income tax,which can increase personal savings;（2）the sensitivity of contribution period is the strongest,the investment rate and wage follow in sequence and the contribution rate lacks sensitivity.Therefore,based on China＇s condi-tions,the paper suggests establishing EET mode,extending the contribution period,relaxing threshold and investment,and establishing examination.These findings could provide advice for the pattern and design of China＇s tax deferred annuity.